Introduction
With businesses under closer scrutiny, it’s more important than ever that your company’s internal auditing meets standards requirements. This seminar will help you ensure that your company’s internal auditing systems fully comply with these standards. More than that, however, this seminar goes beyond the boundaries of accounting to provide real insight into the managerial, political, and technical dynamics of internal auditing.
Course Objectives of Effective Internal Auditing
By the end of this program, participants will be able to:
- Define internal auditing and internal control
- Identify “high-risk” processes—and build control systems that mitigate the risk
- Develop control-based internal auditing recommendations that truly help management meet tactical and strategic objectives
- Focus on the Investment in Internal Audit
- Document and Evaluate Internal Control Systems
- Audit Evidence and Audit Sampling
Course Outline of Effective Internal Auditing
Day 1:
Internal Auditing and the International Business Environment
- Define Internal Auditing
- Identify the Components of an Effective Internal Audit Function
- Define Management Responsibilities of an Internal Audit Function
- Discuss the Similarities and Differences Between Internal Auditing and External Auditing
- Define the Various Types of Internal Audits
Day 2:
The Road Map to Effective Internal Audits
- Discuss the Principles of Effective Audits
- Define Alpha and Beta Audit Risk
- Perform Compliance, Substantive, and Operational Tests
- Calculate Audit Risk
- Define the Relationship Between the Internal and Control Environment and Audit Testing
Focusing the Investment in Internal Audit
- Relate the Concept of Internal Audit Strategies to the Audit Planning Process
- Develop a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based Risk Assessment
- Design the Audit Plan and Prepare an Audit Planning Memorandum for an Individual Internal Audit Project Assignment
Day 3:
Documenting and Evaluating Internal Control Systems
- Understand the Work Process
- Document the Work Process
- Develop Process Flow Diagrams and Process Maps
- Complete the Audit Internal Controls Documentation Matrix
- Finalize the Audit Objectives
Day 4:
Audit Evidence and Audit Sampling
- Discuss the Basic Concepts of Audit Evidence, and Their Impact on the Development of Audit Work papers
- Document Analytical Reviews
- Test and Gather Audit Evidence
- Complete and Document Compliance and Substantive Tests
- Select the Appropriate Testing Method
- Discuss Statistical Sampling Techniques
- Determine the Objectives of the Sampling Plan
- Develop the Sampling Plan
- Apply Attribute Sampling Techniques
- Extrapolate the Sample Results
- Ensure That Audit Work papers Support Audit Conclusions and Recommendations
Day 5:
Planning and Conducting Successful Audit Interviews
- Plan Interviews
- Discuss a Framework for Planning, Conducting, and Evaluating the Results of Interviews
- Overcome Resistance
- Manage Conflict with Management
- Listen Effectively
- Talk Effectively in a Non-Threatening Environment
- Get to "Yes"
- Understand the Nature of Confidentiality of Information
About London
The UK capital of London is a city that combines the old and the new. It is as equally famous for the latest fashion and innovation as it is for its impressive heritage. London's attractions range from the Royal Palace to the DIY atmosphere of its markets. It is also a picturesque city of parks and of course, the majestic Thames River. The city extends for miles beyond its ancient core and each neighborhood has its own charming atmosphere for visitors to explore. London also wears its status as a world city proudly and the influence of different cultures is plain to see in the food and fashion of the capital.
Things to do and places to visit in London
With so many attractions in London, anyone can find something to delight them. Art lovers will enjoy the world-renowned museums and galleries, most of which are free. Sports fans are spoilt for choice by the city's array of football clubs. Theatre and music fans have a vast list of venues to visit, whilst shopaholics have Harrods, Oxford Street, Camden and much more to look forward to after arranging flights to London.
Some unmissable London attractions include:
- Seeing priceless masterpieces in the Tate Britain or the National Gallery.
- Watching the changing of the guard at Buckingham Palace.
- Visiting Trafalgar Square's famous monument.
- Marveling at the Crown Jewels in the Tower of London.
- Getting a bird's eye view of the city from the London Eye.
- Tasting one of Brick Lane's famous curries.
- Browsing the exclusive shops of Knightsbridge.
- Visiting a market – Spitalfields for antiques, Camden for clothes or Borough Market for street food.
- Admiring design from around the world in the Victoria and Albert Museum.
- Looking for clues at the home of fiction's most famous detective, Sherlock Holmes.
- Strolling through one of the lovely parks, including Hyde Park, St James' Park or Kew Gardens.
- Eating Britain's most famous dish, fish and chips.
- Watching the street performers in Covent Garden.
- Enjoying the views at a South Bank cafe.